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Credit Suisse flags potential $500m hit from legal claim in Bermuda
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fnlondon.comCredit Suisse Group AG is expected to pay around $500m after losing a lawsuit brought by a Georgian billionaire who claimed the bank mismanaged his money.
Credit Suisse has spent years fending off claims from Bidzina Ivanishvili, a former prime minister of Georgia. He sued the bank in Bermuda and Singapore for breach of trust, alleging he lost $800m on forged trades made by his Geneva-based private banker, Patrice Lescaudron. Ivanishvili sought $400m damages in Bermuda’s Supreme Court, where a five-week trial ended in December.
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